CX Institutional Cuts Stock Position in Tesla, Inc. $TSLA

Key Points

• CX Institutional reduced its holdings in Tesla, Inc. by 3.3% during the second quarter, owning 72,845 shares valued at approximately $23.14 million.
• Other institutional investors have also made significant changes, with Means Investment CO. Inc. increasing its position in Tesla by 37.7% and others following suit with various increases.
• A number of analysts have downgraded or adjusted their target prices for Tesla, with Mizuho reducing their target from $390 to $375 and HSBC setting a $120 target price.

CX Institutional lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 72,845 shares of the electric vehicle producer's stock after selling 2,484 shares during the period. Tesla makes up approximately 0.8% of CX Institutional's holdings, making the stock its 28th biggest position. CX Institutional's holdings in Tesla were worth $23,140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TSLA. Cherry Tree Wealth Management LLC lifted its stake in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the period. First PREMIER Bank lifted its stake in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the period. Newton One Investments LLC lifted its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the period. Arcadia Investment Management Corp MI bought a new position in Tesla during the 1st quarter valued at about $27,000. Finally, Chelsea Counsel Co. lifted its stake in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 40 shares during the period. Institutional investors own 66.20% of the company's stock.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares of the company's stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. 20.70% of the stock is currently owned by insiders.

Tesla Price Performance

Shares of TSLA stock traded up $8.14 on Monday, reaching $434.21. The company's stock had a trading volume of 96,526,944 shares, compared to its average volume of 103,372,102. The stock's fifty day simple moving average is $340.68 and its 200-day simple moving average is $308.67. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 250.99, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

TSLA has been the topic of several recent research reports. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Glj Research reiterated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. China Renaissance reiterated a "hold" rating and issued a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $320.00 to $548.00 in a research note on Friday. Finally, Benchmark reiterated a "buy" rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have issued a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $324.53.

Tesla Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.